‘I set up Stockbyte in 1996 and Stockdisc in 2004. They were the first royalty-free photography libraries. The businesses grew very rapidly indeed. We captured 10 per cent of the global royalty-free stock photography market in ten years and we were creating about 5,000 new images a month.

‘But a new model was emerging based on crowdsourcing. We felt that in time it was going to have a huge impact on our valuation. By April 2006 we had finalised a deal with Getty Images for an outright sale of Stockbyte and Stockdisc for $135 million in cash.

‘That was the last acquisition in the industry of note. Market rates dropped over 70 per cent thereafter following the advent of micro-stock and advances in digital photographic technology. It was a bittersweet decision in many ways, but it was for the benefit of everyone and employees were well rewarded.

‘We were lucky to find a way to enter the market and it was important to be clever at the point of exit. I guess the lesson is to be aware of the space that you’re in. It gave me the experience and means to set in motion the development of [design and print services website] Tweak.com, which was launched this year. Many people believe I’m a one-trick pony but Tweak will be the test of that.’

See also: How to choose the right exit strategy – Here, a variety of business experts investigate the pros and cons of selling up via MBO or a trade sale.